Accountable Capitalism Act | The Anti-Corruption and Public Integrity Act
Accountable Capitalism Act
https://www.warren.senate.gov/newsroom/press-releases/warren-introduces-accountable-capitalism-act
https://en.wikipedia.org/wiki/Accountable_Capitalism_Act
https://www.vox.com/2018/8/15/17683022/elizabeth-warren-accountable-capitalism-corporations
https://www.cnbc.com/2019/03/25/beto-orourke-gets-the-attention-but-warrens-proposals-lead-2020-pack.html
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About 14,000 more families would pay taxes on estates worth over $7 million. That would finance 3 million new affordable housing units for low-income families.
The 75,000 richest families would pay a 2 percent tax on the value of their wealth above $50 million; the 900 families worth more than $1 billion would pay another 1 percent. That would finance child care and early childhood education for 12 million kids under 5 — free of charge for families below 200 percent of the poverty line.
Workers would gain more clout by acquiring the power to elect 40 percent of large corporate boards. Consumers would face technology behemoths a little smaller than today. Corporations could not wield influence by hiring ex-lawmakers and Cabinet members to lobby the government on their behalf.
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Her “Anti-Corruption and Public Integrity Act” proposed an array of steps to constrain corporate influence over the White House, Congress and the courts. In addition to unprecedented limits on lobbying, Warren proposed new government posts to investigate ethics violations and to help members of the public influence rule-making by federal agencies.
Her “Accountable Capitalism Act” outlined steps to counter the erosion of workers’ influence resulting from declining rates of unionization. While empowering workers to elect board members of corporations with revenue exceeding $1 billion, it would discourage financial maneuvers to reward those at the top; the plan would bar executives from selling company shares within three years of a stock buyback.
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Warren’s housing proposal would spend $50 billion annually to help local governments ease the shortage of affordable residences and help families make down payments. Moody’s Analytics concluded that the plan, financed by Warren’s estate tax increase, would add 3 million new affordable units and create 1.4 million jobs within 10 years.
Her child-care plan would offer federally subsidized care and early education for all children up to age 5. Middle-class families would pay no more than 7 percent of their incomes; those earning less than twice the poverty level would pay nothing.
Affordable child care for infants helps parents enter the labor force. Expansion of early education for 3- to 4-year-olds, economists agree, can enhance skills and productivity of future workers.
Moody’s calculated that Warren’s plan would boost the number of children receiving early care and education from 6.8 million today to 12 million in 10 years. The typical family’s child-care costs would decline by 17 percent to less than $6,000 annually.
The program would cost: $700 million. That’s just over one-fourth of the $2.7 trillion over 10 years Warren estimates her “wealth tax” would raise.
On paper, at least, that leaves $2 trillion for Warren to spend on proposals she hasn’t yet announced.
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